|AIG ISSUES STATEMENT ON STRUCTURED TRANSACTIONS INVOLVING THE PNC FINANCIAL SERVICES GROUP, INC.|
|NEW YORK, Jan 30, 2002 (BUSINESS WIRE) -- American International Group, Inc.
(AIG) has confirmed that its subsidiary, AIG Financial Products Corp., entered
into three structured transactions with The PNC Financial Services Group, Inc.
PNC has reported that it relied on advice from its independent auditors concerning the accounting treatment of these transactions.
The entities involved in these transactions were consolidated in AIG's financial statements, and thus were included on AIG's consolidated balance sheet. AIG has not entered into any other transactions using this structure.
On January 29, PNC announced that it would take a charge in connection with the change in its accounting treatment of these transactions. This action will have no impact on AIG's consolidated income statement, balance sheet or net worth.
AIG is the leading U.S.-based international insurance and financial services organization and the largest underwriter of commercial and industrial insurance in the United States. Its member companies write a wide range of commercial, personal and life insurance products through a variety of distribution channels in approximately 130 countries and jurisdictions throughout the world. AIG's global businesses also include financial services and asset management, including aircraft leasing, financial products, trading and market making, consumer finance, institutional, retail and direct investment fund asset management, real estate investment management, and retirement savings products. American International Group, Inc.'s common stock is listed on the New York Stock Exchange, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.
CONTACT: Charlene Hamrah (Investment Community) 212/770-7074 or Joe Norton (News Media) 212/770-3144